Root ( (ROOT) ) has issued an update.
Root achieved a significant milestone by reaching net income profitability in Q3 2024, highlighting the strength of its business model and technology. The company’s recent debt refinancing has improved its earnings profile significantly. Root’s Partnership channel saw a remarkable 131% increase in new writings year-over-year, while policies in force grew 57%. Despite major weather events, the company maintained a solid gross loss ratio of 57%, thanks to its data science and machine learning capabilities.
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